Bill Downe, CEO of the Bank of Montreal, made some interesting comments with regard to bitcoin at the bank’s annual meeting that took place on Tuesday in Toronto.
According to the Financial Post, Mr. Down said that if bitcoin was both reliable and regulated, “then there’s no reason why we couldn’t be an intermediary in bitcoin-related transactions.”
“Because, if you wanted a Swiss franc transaction or a Japanese yen transaction or a U.S. dollar transaction, we can do that transaction for you,” he was quoted as saying. “If bitcoin [can be] a reliable medium of exchange, then at that point in the future, we would be able to [conduct business] with bitcoin.” (quote from Financial Post)
It’s not every day you hear the Chief Executive of a major bank acknowledge the potential of bitcoin. More often, it seems as if they tend to be dismissive. Why? It’s a niche interest, and could also pose a threat to the traditional financial sector if it continues growing (among other things).
Other financial institutions have taken another avenue, bashing bitcoin (we’re looking at you, Goldman Sachs).
Read the full story at the Financial Post.